Where To Buy Bitcoin [Coinbase Vs Crypto.com Vs Huobi Vs Coinmama]

Where To Buy Bitcoin [COINBASE vs CRYPTO.COM vs HUOBI vs COINMAMA]

Hello, everyone, this is Petko Aleksandrov. And in this video, I would like to talk about the different options that you have or the different methods you can use to buy your first Bitcoins or Cryptocurrencies. Now, in 2021, when I’m recording this course there are already so many websites, there are so many exchanges, brokers offering Cryptocurrencies, that, yes, we have a huge choice. But at the same time, people get frustrated. OK, from where do I start?

It is so many. What’s the difference? What are the PROs, the CONs and exactly, this is why I decided to record this course to make it easier and to give you a few different options that you can choose. Options that I have tested and I know they are trusty. OK, so let’s start from what are the different methods to get your first Bitcoins.

Now, the most popular way are the exchanges and there are 2 types of exchanges. One is where you can exchange 1 Cryptocurrency for another. So let’s say I have Ethereum.

You have Bitcoins. We meet on the exchange and we exchange them, OK?

On the price that we agreed or the price that is currently on the market. But on these exchanges, let’s say I have a thousand Dollars in my bank account and I want to buy Bitcoins, I cannot do it there. OK, in other words, I cannot pay with fiat currencies, the fiat currencies, it’s called to be the EUR, the USD, the GBP, the Swiss franc, OK, all the currencies that we use in our daily life. So if you want to actually buy Bitcoins or Cryptocurrencies, you need to go for the second type of exchanges where we can actually buy with cash, or with our debit or credit card, wire transfer. There are different payment methods with the different exchanges, but there are actually exchanges where you can purchase Bitcoins and Cryptocurrencies.

First exchange that I will draw to your attention is the exchange that I started with, and this is the Coinbase – a licensed and regulated exchange in the United States. I never had issues with it. And at the same time,they have a wallet and it’s very easy to transfer coins between the exchange and the wallet.

OK, but about the wallet, I will talk a little bit later in the course. The second exchange that I have used is the Huobi, and as far as I remember, it was located in China, but still I’m in Bulgaria, I succeeded to buy Bitcoins from there without any issues.

I have used as well, Coinmama, where I have bought some more Cryptocurrencies. And as well, I have used crypto.com as it has a very nice and friendly mobile app. Actually, most of the exchanges and websites where they sell Cryptocurrencies, they have already friendly mobile apps.

So personally, I do most of the Crypto investing from the phone, makes it very easy.

No matter I’m inside or outside, no matter what I’m doing, if I see the price at which I want to buy, I can easily do that from the phone. OK, so these are 4 different exchanges that I have used and I had no problems with. And now in 2021 when I’m recording this course it’s much easier because we already have a lot of reviews over the Internet. We know which are the trusty and reliable exchanges back in 2015, 2016, even 2017, it was a little bit shady because there were so many scam websites, and exchanges, and brokers, and still there are such websites. But as I said, we have a lot of feedback over the Internet, so make sure you always check the exchange, look for the reviews from other people.

I’m lucky because I do online courses and I have over 30 000 students joining my courses by the time I’m recording this course and many give me feedback and they complain as well when they are not happy with some broker or some exchange. So I have like the bigger picture, which are the reliable places from where I personally can buy or I can suggest to other students that have no idea from where to start. But please don’t take as a recommendation any of the exchanges.

OK, I’m not recommending any website right here. What I want to do is just to make it easier for you and you will know from where to start.

Now, the second option that we have are the brokers. And originally the brokers are huge companies that started with Forex, I started trading with brokers, that was long ago before the Cryptos got popular, but the brokers started offering Cryptocurrencies as well. But there was a huge difference between the exchanges and the brokers. So with the exchange, we actually purchase the coins. They send them to us, we can keep them in the wallet.

OK? And from there you can pay online. You can keep it as an investment or you just want to put some money on the side with Cryptocurrencies. The brokers, they don’t offer you real Cryptocurrencies. OK, how it works with the brokers is you open an account and you start trading with that account.

For example, I open an account with $5 000 with a broker. I can buy and sell Bitcoin, but I don’t have actual Bitcoins.

Where To Buy Bitcoin [Coinbase Vs Crypto.com Vs Huobi Vs Coinmama]

It’s called CFD trading, which stands for Contract for Difference. So with the broker, every time I buy, let’s say I buy the Bitcoin at $20 000, and I sell it at $30 000, I will benefit this difference of $10 000 and it will go into my account as a profit. On the other side, if I buy, let’s say at $40 000 and the price dropped to $30 000, something that happened just yesterday, The Bitcoin felt with over 20% for 1 day.

OK, so the people that did that, they will lose this difference of $10 000. OK, this is how it works with the brokers. But you don’t have actual coins in your account. You have a trading account that you use. You can benefit, you can lose.

But at the end of the day, you have money into your account that you can withdraw, OK, but not Bitcoins that you can send to your wallet.

So that’s the difference between the exchanges and the brokers. The third option are the ATM terminals, which are popular in some countries, others not. For example, in Bulgaria we have, I think, about 3-4 such terminals. I’ve never used them because as far as I know, they have huge commissions over there.

But its actual terminal where you can go and purchase some Bitcoins or other coins depends what they offer. And it really depends on the region you are, of the country you are what are the restrictions, some countries are very friendly to Bitcoin and Cryptocurrencies. Other are blocking it. At Bulgaria, where I live is somewhere in the middle. It was very hard back in 2017 to purchase actual Bitcoins.

That’s why I use the brokers and the trading accounts to trade the Bitcoin, but don’t actually buy it. OK, now in 2020-2021, it got much easier. Even some banks are still blocking my accounts and I still have hard times to exchange and buy Cryptocurrencies with some banks. But it is possible, OK, it is much easier than it used to be. All right?

So these are the main 3 options you have when buying your first Bitcoins.

And if you do it really for a first time and you don’t know how to trade, you have no experience in reading charts, you have no strategy to follow and just want to buy some Bitcoins to have in your portfolio, I would suggest you to go with some famous and regulate that Cryptocurrency exchange. OK, that’s the easiest thing. You can download the app on your phone. You can use a Web version.

As I’ve said, most of them are very friendly with the mobile apps and I guess most of the people nowadays use their mobiles to buy Cryptocurrencies from the exchanges. But make sure one more time to read reviews to make sure you are on a trusty website and that you will be actually able to withdraw your coins or to withdraw your money after that, when you decide to sell your coins and you make some profits, that’s very important at the end of the day to have your money back into your bank account.

That’s the most important thing. Anyway, even if you profit but you are not able to withdraw your coins, you are not able to withdraw your money. Well, it will be a waste of time and unfortunately a waste of money.

So be very careful when you select the exchange. And what I always suggest is that you just try it out first, OK. For example, buy something small, let’s say $20, $50, just buy some Bitcoins. Wait a little bit for the Bitcoin to go in a profit. Sell it or just buy and sell immediately, you know, withdraw your money to your account.

So you see actually the SMS, or the notification, or you go to your online banking and you check that the money are into your account, then you can say, OK, I tested it, it’s trusty, I can go for a bigger investments.

That’s the right way to go. But don’t jump with $5 000 on a website that you don’t know and you haven’t checked, OK, because you might never see your money, unfortunately. There are always scam websites in every business, not just with the Cryptocurrency. So stay away from those.

And one more time, the best thing would be just to try it out with a small amount of Crypto or a small amount of money. OK, thank you for watching, guys. If you have found that video useful, I would really appreciate if you click the like button, subscribe to get more of our free videos and I will see you in the next one.

Cheers..

Read More: Coinmama Review in 2 minutes (2021 Updated)

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